Hartselle is turning to a Decatur bank to hold the money for the new high school.
The city is using Progress Bank in Decatur for the $18 million in school bond money. The decision to use the Decatur bank came after city officials contacted every Hartselle bank, along with numerous ones in Decatur. Progress, which opened in 2007, offered a significantly higher interest rate than others. Progress offered AYP (Annual Percentage Yield) of 1.05 percent on a money market account with no penalty to withdraw money if it’s used for school construction.
The next highest proposal came from Superior Bank at .25 percent. Some banks proposed offering certificate of deposits but that would have tied the money up for a longer period of time.
Progress’ proposal is for one year. School construction is expected to begin the beginning of 2011 with opening set for 2012.
The council also:
• Approved the contract with B Construction Co. LLC for striping at the Hartselle Airport. B Construction’s bid was $69,456, a little more than half of the amount budgeted for the project.
• Entered into an agreement with the state for maintenance on portions of Highway 36 and Interstate 65. Highway 36’s work will be from the northbound interstate exit 328 and Lando Cain Road. The interstate work will be on the eastside at exit 328 and some 950 feet south of the exit ramp adjacent to the 19 acres of city-owned property.